NDB's investments to South Africa contribute to national strategy to expand electricity generation from renewable energy sources

The Independent Evaluation Office (IEO), which analyses investments by the BRICS countries' New Developing Bank (NDB), has summarised several billion-dollar investments aimed at developing the renewable energy sector and reducing carbon emissions in South Africa. 

A recently released report on the NDB project, highlights that the initiative has attracted co-financing of approximately US$2.2 billion, supporting 15 renewable energy sub-projects in four provinces across the country. This is reported by Pretoria News, a partner of TV BRICS.

IEO's Director General, Ashwani Muthoo, said that the project, which was implemented in the provinces of North West, Northern Cape, Western Cape and Mpumalanga, had achieved its objectives and had a positive impact on the development of the energy sector.

Muthoo further noted that the NDB’s investment “contributed to the national strategy of expanding power generation through renewable energies. It also brought additionality in terms of crowding in private sector financing and extending access to long-term funds for renewable energy activities in South Africa.”

The initiative ran from March 2019 to January 2024. According to Muthoo, the main objective of the project was to contribute to electricity generation and reduce CO2 emissions in the country.